Okta (NASDAQ: OKTA – Get Rating) updated its second quarter 2023 earnings guidance on Thursday. The company provided EPS guidance of – $ 0.32 – $ 0.31 for the period, compared to the consensus EPS estimate of – $ 0.33. The company issued revenue guidance of $ 428.00 million- $ 430.00 million, compared to the consensus revenue estimate of $ 422.25 million. Octa also updated its FY 2023 guidance to – $ 1.14 – $ 1.11 EPS.
Several research analysts have recently commented on OKTA shares. Guggenheim lowered their price target on Okta from $ 265.00 to $ 240.00 and set a buy rating for the company in a research report on Friday, March 4th. Deutsche Bank Aktiengesellschaft lowered their price target on Okta from $ 195.00 to $ 130.00 in a research report on Friday, June 3rd. Oppenheimer lowered their price target on Okta from $ 210.00 to $ 170.00 and set an outperform rating for the company in a research report on Friday, June 3rd. Raymond James lowered Okta from an outperform rating to a market perform rating in a research report on Wednesday, March 23rd. Finally, Summit Insights restated a buy rating on shares of Okta in a research report on Thursday, June 2nd. Seven research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $ 180.70.
OKTA opened at $ 86.02 on Thursday. The business’s 50-day simple moving average is $ 101.88 and its 200-day simple moving average is $ 156.86. The company has a current ratio of 2.45, a quick ratio of 2.45 and a debt-to-equity ratio of 0.40. Okta has a one year low of $ 77.01 and a one year high of $ 276.30.
Okta (NASDAQ: OKTA – Get Rating) last posted its earnings results on Thursday, June 2nd. The company reported ($ 0.27) EPS for the quarter, topping analysts’ consensus estimates of ($ 0.34) by $ 0.07. Okta had a negative return on equity of 13.13% and a negative net margin of 67.06%. The business had revenue of $ 414.94 million for the quarter, compared to analysts’ expectations of $ 388.77 million. During the same quarter in the previous year, the firm earned ($ 0.59) earnings per share. The business’s revenue was up 65.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Okta will post -5.57 earnings per share for the current fiscal year.
In related news, CEO Todd Mckinnon sold 4,005 shares of the business’s stock in a transaction dated Thursday, June 16th. The stock was sold at an average price of $ 79.97, for a total value of $ 320,279.85. Following the transaction, the chief executive officer now owns 11,474 shares in the company, valued at approximately $ 917,575.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Christopher K. Kramer sold 831 shares of the business’s stock in a transaction dated Thursday, June 16th. The shares were sold at an average price of $ 79.97, for a total value of $ 66,455.07. Following the completion of the transaction, the chief accounting officer now owns 14,316 shares in the company, valued at approximately $ 1,144,850.52. The disclosure for this sale can be found here. Insiders have sold 16,442 shares of company stock worth $ 1,318,711 in the last quarter. Insiders own 7.60% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. Prudential PLC purchased a new stake in Okta in the 1st quarter valued at approximately $ 245,000. XTX Topco Ltd purchased a new stake in Okta in the 1st quarter valued at approximately $ 247,000. High Net Worth Advisory Group LLC boosted its holdings in October by 35.2% in the 1st quarter. High Net Worth Advisory Group LLC now owns 1,690 shares of the company’s stock valued at $ 255,000 after purchasing an additional 440 shares in the last quarter. Toroso Investments LLC boosted its holdings in October by 10.1% in the 1st quarter. Toroso Investments LLC now owns 1,717 shares of the company’s stock valued at $ 259,000 after purchasing an additional 157 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board purchased a new stake in Okta in the 1st quarter valued at approximately $ 284,000. 76.18% of the stock is currently owned by institutional investors.
Octa Company Profile (Get Rating)
Okta, Inc provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that offers a suite of products and services, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access applications in the cloud or on-premise from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, Web applications, and data; Lifecycle Management that enables IT organizations or developers to manage a user’s identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; Access Gateway that enables organizations to extend the Okta Identity Cloud from the cloud to their existing on-premise applications; and Advanced Server Access to secure cloud infrastructure.
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